Stellar (XLM) is showing signs of a potential breakout, indicating a significant upward trend in the near future. In the past week, XLM has experienced a notable increase of almost 15%, in line with the overall market recovery driven by Bitcoin’s resurgence.
Recent technical analysis suggests that XLM has broken through a descending trend channel in the medium to long term. This breakout could signal a slowdown in the previous downtrend or the start of a more horizontal price movement.
In the short term, XLM has surpassed a key resistance level, providing a positive signal for traders in this timeframe. Stellar’s current support levels are at $0.08, with resistance levels at $0.11.
As of the latest data, Stellar is trading at $0.100655, with a 24-hour trading volume of $204.37 million and a market capitalization of $2.92 billion. The price of XLM has surged by 11.78% in the last 24 hours, reflecting growing investor confidence and market momentum.
Renowned crypto analyst Javon Marks has shared an optimistic forecast for Stellar, predicting a substantial price increase. Marks believes that if XLM continues its upward momentum and stays above the previous resistance level, it could reach $0.681, representing a remarkable 603% increase from current levels.
Marks suggests that Stellar’s post-breakout action could fuel this impressive growth, potentially multiplying the price of XLM by over 7.02 times its current value. Maintaining above the resistance level is crucial for Stellar to set up for a significant price increase.
Investors and traders are closely observing Stellar’s performance in the coming weeks, as the cryptocurrency may be on the brink of a noteworthy move to the upside.